“Based on Monday’s close, AAPL has gained 33.8% since being added the Conviction List on December 12, 2010, versus a 25.9% gain in the S&P 500,” the analysts wrote. “Our new 12-month target price is $575, from $660 previously, based on a 13X multiple (previously 14X) on our lowered CY2013 EPS estimate of $44.64 (previously $47.29).”

The firm points to several worries that factored into its decision, including “delayed product cycles, supply chain difficulties, product price erosion, and a slower pace of product innovation.” Apple’s ability to continue innovating at the breakneck pace it maintained over the past few years remains a top concern on Wall Street.